The Aparo-2 appraisal well was drilled in a water depth of 4,100 feet (1,245 meters) and is located approximately 3.5 miles (5.5 kilometers) north of TNOS' Aparo-1 oil discovery, made in 2001, and 1.2 kilometers south of the OML 118 Bonga SW-2 appraisal well, drilled in 2002.

Aparo-2 drilling operations commenced in May 2002 and the well was drilled to a total depth of 11,573 feet (3,527 meters) and encountered a substantial amount of net oil sand. Following a successful drill stem test, the well was suspended.

Success of the Aparo program indicates that the OPL 213 Aparo and OML 118 Bonga SW discoveries share a common structure and will likely become a joint oil development by the OPL 213 and OML 118 operators.

"Nigeria deepwater is an integral part of ChevronTexaco's growth strategy for West Africa and this confirmation of our discovery in OPL 213 further enhances our already very strong position there," said George Kirkland, president of ChevronTexaco Overseas Petroleum.

Adding his comments, Jay Pryor, TNOS and ChevronTexaco Mid-Africa strategic business unit managing director said, "The Aparo-2 results confirm the commercial viability of Block 213 and vindicate our earlier commitment to the area, which we demonstrated when we obtained the operatorship and 100 percent contractor equity with the strong support of NNPC in 1999. We will be working jointly with the OML 118 operator over the next few months to ascertain the optimum development of these resources."

Cautionary statement relevant to forward-looking information for the purpose of "Safe Harbor" provisions of the private securities litigation reform act of 1995:

In this press release is a forward-looking statement about the company's growth strategy for Africa. This statement is based on management's current expectations, estimates and projections. The statement included in this release is not a guarantee. The actual strategy could differ materially from what is expressed or forecast in this forward-looking statement.